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How to Retain Key Employees

You help your employees grow to become their very best, so what happens when they tell you they are leaving?

A recent survey by IRN (Industrial Relations News) and CIPD (Chartered Institute of Personnel and Development) in Ireland found that 37% of private sector firms have made counter offers to retain staff (based on 585 member responses of CIPD and IRN subscribers). The terminology ‘retention payment’ is appearing again as a means of attempting to retain key employees.

This data showed that it was the larger companies who made counter offers (39%) with more non-union companies doing this, rather than unionised companies (29%).

Mary Connaughton, CIPD Ireland Director, stated that the use of counter-offers highlighted that many Irish employers are struggling to keep key people at current pay levels as employment opportunities in the labour market increase, raising questions about future talent pipelines.

Invariably if an employee has offered their resignation, you are too late, and even a counter-offer will not necessarily retain them.

So what can you do if one of your key employees tells you they are leaving? Here are few tips on how to hold onto your key employees:

  1. Listen.
  2. Make it clear that their role is significant.
  3. Foster employee development.

Pro-active regular progress discussions are key, ensuring that managers know if there are issues or concerns that need to be addressed. The simple action of saying ‘well done’ and giving fair but challenging objectives are also critical. Employees rarely leave a company because of their salary, it is more often because of a lack of career opportunity or difficulties with their manager.

A good leader will always support their employees. They will constantly try to help them in their personal development. Implementing a success planning programme to focus on developing your high potential employees will help significantly, as they will see a real career path and appreciation for their work and abilities – both actual and potential.

Your most important resource is talented people. Are you doing your best to retain your top talent? Contact us at info@voltedge.ie to see how he we can help your business.

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